Friday, December 23, 2016

"Senate Dems say Wells Fargo not responding to fraud info requests"

"Senate Banking Committee Democrats say their letters to Wells Fargo have not yet been answered.

The bank’s management has so far failed to answer all the questions the committee members have put to it, the letter says, following its settlement with multiple regulatory authorities in September for multi-year fraudulent sales practices.

The letter, jointly signed by nine Democrats including Ranking Member Sherrod Brown of Ohio and Elizabeth Warren of Massachusetts, again asked Wells Fargo’s board for a status report on its ongoing investigation of the fraud and a detailed timeline of when the board learned about the illegal practices and actions it took.

They also asked why the board didn’t investigate the misconduct sooner.

The senators say Wells Fargo’s management is dodging them, even though its new CEO Tim Sloan told CNBC on October 12 that there were more answers Wells Fargo could have provided the Senate and the House, which also held hearings.

Wells Fargo’s responded on Nov. 15 but either ignored or provided insufficient responses to the senators’ questions, according to the letter. Wells Fargo cited its own ongoing investigation when declining to answer some specific questions.

A Wells Fargo spokesman declined comment on the letter..."